loanDepot

  www.loandepot.com
  www.loandepot.com
There are newer employer reviews for loanDepot

1 person found this helpful  

Better companies out there

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Mortgage Banker in Foothill Ranch, CA
Former Employee - Mortgage Banker in Foothill Ranch, CA

I worked at loanDepot full-time (less than an year)

Pros

Great co workers on the floor.

Cons

They try to paint that everyone is making tons of money and leads are plentiful in the initial interviews.... Truth is, you do get 15-20 leads a day.. The bad part, they are the worst agg leads I have ever received. It is very common to go days without a qualified lead to lock in.Most leads response when you talk to them is why r u calling me or I'm just looking for information. They have inexperience junior bankers transferring you calls..So plan on getting a lot of non qualified borrowers transferred to you..Never had so many appraisals come in low essentially killing the deal..Most bankers are making 4k or less. Processing is taking 60 days to close loans for clean deals and the dirtier deals processing doesn't work on... Favortism is rampant. They care about locks and talk time. People locking loans are submitting wood into the pipeline further causing the pipeline to be clogged. But they are treated better because they are locking loans and not looking at the fact that the loans aren't funding. My experience was with a newbie production manager who only seemed to push the LD reps veterans loans and the newer ones were left to make sure there pipelines moved. In 3 months, she pushed 1 loan in my pipeline and that was after a customer service issue caused by another associate. By far the least amount of money I have ever made..when mass hiring, they had no problem hitting me up for referrals.. Unfortunatley, I referred 4 people into the company and they are making peanuts as well. Needless to say, they are looking elsewhere.. When hit up for more referrals, I told my manager I won't refer anyone else until I make money. Best month was under 4 k. I Left a company making 13k a month for a company making under 4 k. They load u up with bottom of the barrel leads, log u in to force u to take them and than place u in tier 4 or 5 cause your numbers aren't inline. Once In Tier 5, the quality gets worse.. Top agents are fed the good leads and everyone else gets the scraps.. Agents constantly missing tier by 1 loan is very common here.. They commonly fired lo's 30 days on the floor or less cause they struggled getting deals in.. It is definately an adjustment. If you have lower quality state licenses, they will load you up with calls from those states.. They want you to spend a minimum of 15 minutes on every lead regardless of if they qualify for a loan. 5 hours talk time is minimum standards..50 percent credit pulls. A mass majority of the loan officers on the floor are out of the aces program.. This is for non experienced lo's learning the business.. These are the ones happy making 4k or less.

Advice to ManagementAdvice

Maybe get on the phones and see what the agents are getting for leads. Get processing and underwriting inline.. Initial underwrites shouldn't take 5-6 business days. Hold processing accountable as well for turn times..

Doesn't Recommend
Negative Outlook
Disapproves of CEO

loanDepot Response

Aug 11, 2014Director of Recruiting

We really appreciate you sharing comments and will be sure to forward them to the appropriate executive. We’re disappointed loanDepot was not able to meet your expectations as an employer.

90 Other Employee Reviews for loanDepot (View Most Recent)

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  1. 2 people found this helpful  

    Sweat shop!! Stay away!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Underwriter in Plano, TX
    Former Employee - Underwriter in Plano, TX

    I worked at loanDepot full-time (more than an year)

    Pros

    Pay is comparable to other mortgage companies. Great location.

    Cons

    They are good at painting a great picture when you start. You'll hear the place is about "culture" and everyone is "All In".. Don't let that fool you. That term "All In" will get thrown at you over and over again, like an abusive spouse.. If you're unable to work any of their "strongly suggested" overtime, you're not considered "All In". Processing runs the show there. Which a large number of the processors are new/green to the industry. Bottom line if processing says its ok, you better do it.. And if you don't, you're not "All In". Use caution if you're thinking of excepting employment at this company...

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    loanDepot Response

    Aug 11, 2014Director of Recruiting

    Thank you for taking the time to share your feedback. It is very unfortunate that we were not a good fit for you as an employer.

  2. 5 people found this helpful  

    No room for improvement or advancement.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Mortgage Banker in Scottsdale, AZ
    Former Employee - Senior Mortgage Banker in Scottsdale, AZ

    I worked at loanDepot full-time (more than an year)

    Pros

    If you enjoy making jokes at work about how you're going to pay your bills.... that's sometimes fun.

    Cons

    I worked at this company for over two years and was a top 5 banker in the company 5 times. When interest rates started to trend up the emails came out about how much, "Harder" it was to close loans. The VP's would explain that the loans were more challenging to close. The average funding month on the floor for a Banker was about 5 loans. This equates to $2500 a month in commission plus a measly $8 an hour. My average loan would take 65 days in process and when MB's show emotion and are upset as to why their PIW, W2, & 750 FICO borrower should have to wait this long- they are sat down and told we are the best in the industry. I truly felt embarrassed to work here. After missing tiers for the last year and being told that processing was, "Improving" [It became worse in actuality]- I am happy to finally be out.

    Advice to ManagementAdvice

    To get something across you would have to go through a Production Manager, Vice President, Senior Vice President, Executive Vice President, President, & then the CEO. Your company closed 2000 loans a month with more employees than you have loans funded [it's time to listen to your sales force]. Our past President left in the middle of the night along with a VP and there was no communication as to why [that's alarming isn't it?]. The CEO speaks about being number 1 in the industry but has all of his past companies were purchased and within a few years were dissolved. Innovation is needed in this company but anyone with ideas is seen as a "Problem".

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    loanDepot Response

    Jul 25, 2014Director of Recruiting

    At loanDepot we believe it is imperative to have the right people in the right roles at all levels who are committed to our core values. It also means we remain responsive to constant changes in the ... More

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